Coinbase Stock ( NASDAQ:COIN )
Due to the volatile nature of the cryptocurrency market, cryptocurrency exchange Coinbase ( NASDAQ:COIN ) has announced that it will be laying off around 950 employees, representing approximately 25% of its total workforce.
Coinbase ( NASDAQ:COIN ) has seen its financial performance take a hit due to the prolonged bear market in cryptocurrencies that began more than a year ago and has been exacerbated by the closure of other businesses, such as cryptocurrency exchange FTX. Pre-market trading for Coinbase stock shows a 1.5% decline in stock price.
The -$500M range for 2022 adjusted EBITDA that the firm forecasted on November 3 remains unchanged. Its full-year 2022 forecast anticipates reporting average annual and monthly transacting users, average transaction income per user, and subscription and services revenue.
When the dust settles, and laws become apparent, Coinbase ( NASDAQ:COIN ) CEO Brian Armstrong believes he will take a better position in his company to capitalize on the cryptocurrency boom.
In a blog post, he said that “it will take time for these improvements to come to fruition” and that “we need to make sure that we have the proper operational efficiency to weather downturns in the crypto market and grab opportunities that may develop.”
Coinbase will lay off employees and cancel numerous initiatives with “a reduced likelihood of success,” he added.
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